The Federal Deposit Insurance Corp. awards a 10-year, $39 million contract to Unisys Corp., which, with the assistance of PricewaterhouseCoopers, Microsoft Corp., EDGAR Online Inc. and other technology companies, will use XBRL (extensible business reporting language) and other tools to modernize and streamline federal bank regulators’ collection, processing and distribution
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The magazines
Management’s Top Concerns.
Source: Survey of 1,400 randomly selected CFOs nationwide from companies with more than 20 employees, Robert Half Management Resources, Menlo Park, California, www.rhmr.com , 2003.
For Richer, For Poorer—But Mostly Poorer.
Source: Tax Foundation, www.taxfoundation.org , 2003.
How Sarbanes-Oxley Will Change the Audit Process
EXECUTIVE SUMMARY SARBANES-OXLEY WILL MEAN BIG CHANGES FOR BOTH auditors and the companies they audit. The former now will be required to certify a company’s internal controls and will no longer be able to use certain common audit strategies. Management faces the cost of implementing the new rules. ACCORDING TO
Computerized CPA Exam Only Months Away
SPECIAL REPORT Computerized CPA Exam Only Months Away T he Uniform CPA Examination is entering a new era that gives individuals more flexibility as they prepare to take the exam. A joint effort by the AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric, a developer of
CPAs as Audit Committee Members
EXECUTIVE SUMMARY WITH THE ADVENT OF SARBANES-OXLEY, CPAs ARE LIKELY to receive more invitations to serve on the audit committees of corporate boards of directors. Before accepting these offers, accountants should make sure they are ready for the time commitment and other responsibilities that come along with them. MANY CPAs
Sherlock Holmes, CPA, Part 2
he scenario: During a routine audit of a client, you discovered the company was paying twice the market price for widgets. By looking further, you believe—but are not sure—the purchasing agent is engaging in a pass-through billing scheme, in which he buys the widgets from the supplier, marks up the
Get Word to Print Single-Character Fractions
Q. I type reports mostly in Times New Roman font and often use fractions. For example, when I type 1/2, Word converts it to 12 —a single-character fraction. But if I change fonts, the word processor doesn’t always convert the fraction I had typed as a single character. What’s going
On U.S. Health Care
The article, “ Health Care Costs on the Rise ” ( JofA , May03, page 59), made me realize just how far the United States is from providing its citizens the basic human right of affordable health care. This article, like many similar ones I have been reading lately, discussed
Golden Business Ideas
A Better Line of Communication Middle managers—bosses without portfolios, the interface between top executives and staff and the source of the best business intelligence—tend to be misused, underused and overworked. As you’ll see, that is not a contradiction. Because middle managers are hands-on people focusing intensely on their narrow piece
Sarbanes-Oxley Software: Ten Questions to Ask
Section 404 of the Sarbanes-Oxley Act of 2002 requires a company to document and periodically test its internal controls and the company’s external auditors to offer an opinion on those controls. While public companies are developing their project plans and evaluating software applications to help them manage this process, the
Bonuses and Accumulated Earnings Prove Troublesome
Under IRC section 162(a)(1), businesses can deduct bonuses they pay employees as reasonable compensation for services actually rendered in the current or prior years. The courts have generally applied either a single-factor independent-investor or multiple-factor test to determine the deductibility of bonuses. The courts closely scrutinize bonuses when the employee/
Business Aircraft and Depreciation
When I read the article “ Deductibility of Business Aircraft ” ( JofA , Jul.03, page 57), I was surprised the depreciation issue was not discussed. In light of recent tax law changes, taxpayers may be allowed significant depreciation deductions if the aircraft is used for business purposes. Tax savings
Small Income, Big Tax
Source: Institute on Taxation and Economic Policy, www.itepnet.org , 2003.
Letters To The Editor
The JofA encourages readers to write letters on important professional issues in addition to comments on published articles. Because space is limited, letters submitted for publication should be no longer than 500 words. Please include telephone and fax numbers. JofA e-mail address: JOAED@aicpa.org .
Auditing
The AICPA accounting and review services committee releases an interpretation of AR section 100, “Compilation and Review of Financial Statements” (see Official Releases, JofA , Aug.03, page 104), of the AICPA Professional Standards. The interpretation, “Applicability of Statements on Standards for Accounting and Review Services When an Accountant Engaged to
“More Deductions, Higher Cost”
Source: National Society of Accountants, www.nsacct.org , 2002.
To Your Health
EXECUTIVE SUMMARY LONG BUSY-SEASON HOURS GIVE CPAs so little time for exercise or regular meals that stress can build. This can weaken a person’s immune system and make him or her more prone to illness. The overload also can diminish employee performance and lead to low morale, absenteeism and high
Smart Stops on the Web
Search for Solutions www.knowledgestorm.com Information technology consultants and CPAs can register for free at this Web site and compare hardware and software in categories such as infrastructure and systems management and Web and applications development. The Business Solutions section includes links to accounting and finance, business intelligence and knowledge management
Maintaining Independence
As all CPAs know, the two great pillars of our ethical responsibility are independence and public disclosure. This formula goes back a long time, even before the establishment of the Securities and Exchange Commission. Today, the structure of our economy is greatly different from what it was when the profession
Features
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